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Cannon Trading Futures Blog: Daily Support and Resistance Levels

Tuesday, February 27, 2007

Trading levels and reports for Feb. 28th

 
*To be removed, please reply with remove daytrading in subject line
 
Dear Trader,
 
WOW.....really there is not much you can say....I have been a broker for 9 years and this is probably the most volatile day I have seen a cross many markets.
 
Don't have the ability or desire to predict what will happen, but I do have a few words of advice: Unless you are a VERY experienced trader and have DEEP packets...I recommend you stand a side rather than step into the craziness. If you do insist on trading, make sure you place HARD stops and be aware of the circuit breakers for the different markets.
 
CME® U.S. Equity Index Futures Daily Price Limits
Price Limits for 1st Quarter 2007
Contract 5% Limit
(down only) 		10% Limit
(down only) 		15% Limit
(down only) 		20% Limit
(down only) 		30% Limit CME® Globex®Limit
(5% up or down)
S&P 500®& E-miniTMS&P 500 70.00 140.00 210.00 280.00 NA 70.00
S&P MidCap 400TM& E-mini S&P MidCap 400 40.00 80.00 120.00 160.00 NA 40.00
S&P 500/Citigroup Growth 32.00 65.00 97.00 130.00 NA 32.00
S&P 500/Citigroup Value 37.00 75.00 112.00 150.00 NA 37.00
S&P SmallCap 600TM 20.00 40.00 60.00 80.00 NA 20.00
E-mini Russell 1000® 40.00 80.00 120.00 160.00 NA 40.00
Russell 2000®& E-mini Russell 2000 37.00 75.00 112.00 150.00 NA 37.00
NASDAQ-100®& E-mini NASDAQ-100 85.00 170.00 255.00 340.00 NA 85.00
E-mini NASDAQ Composite® 120.00 240.00 360.00 480.00 NA 120.00
E-mini NASDAQ Biotech® 40.00 80.00 120.00 160.00 NA 40.00
Financial SPCTRTM(S&P 500 Financials) 24.00 48.00 72.00 96.00 NA 24.00
Technology SPCTRTM(S&P 500 Technology/Telecom) 13.00 26.00 39.00 52.00 NA 13.00
NYSE Limits (DJIA) NA 1,250 NA 2,500 3,700 NA
 
More details at:
 
 
LEVELS:
 
Contract (March 2007)  SP500 (big & Mini) Nasdaq100 (big & Mini) Dow Jones (big & Mini) Mini Russell
Resistance 3 1480.33 1863.67 12960 830.67
Resistance 2 1459.87 1838.33 12775 821.63
Resistance 1 1429.93 1794.67 12480 804.57
Pivot 1409.47 1769.33 12295 795.53
Support 1 1379.53 1725.67 12000 778.47
Support 2 1359.07 1700.33 11815 769.43
Support 3 1329.13 1656.67 11520 752.37
         
Contract  April Gold March Euro April Crude Oil March Bonds 
Resistance 3 708.97 1.3391 64.59 114 27/32
Resistance 2 700.73 1.3332 63.42 114  5/32
Resistance 1 693.97 1.3292 62.44 113 25/32
Pivot 685.73 1.3233 61.27 113  3/32
Support 1 678.97 1.3193 60.29 112 23/32
Support 2 670.73 1.3134 59.12 112  1/32
Support 3 663.97 1.3094 58.14 111 21/32
 
REPORTS (EST): Provided by www.tradethenews.com audio news and interactive research directly from the pits
 

Wednesday, Feb 28th, 2007


Economic
08:30 Q4 GDP Annualized (last 3.5%), GDP Price Index (last 1.5%), Personal Consumption (last 4.4%), PCE Core Q/Q (last 2.1%)
09:45 Feb Chicago Purchasing Manager Index (last 48.8)
10:00 Jan New Home Sales (last 1.12M)
10:30 Crude Oil/Gasoline/Distillate Inventories
Events
MBA Mortgage Applications (7:00, last %). Fed's Geithner speaks on Financial Systems 8:50AM. Fed's Bernanke testifies on long-term US fiscal challenges. Bear Stearns Retail Restaurants and Consumers Conference. Goldman Sachs Technology Investment Symposium. Jefferies Internet Conference. Davenport Infrastructure and Basic Industry Conference. Bruyette & Woods Regional Bank Conference. Merrill Lynch Communications Forum. Robert Baird Business Solutions. NVLS Mid-Quarter Update. CAI UTX HD Analyst Meetings. Trades Ex-dividend: AIG $0.165 BAC $0.56 EP $0.04.
Earnings
Before the Open: AER AES ALD WTR BRL BRY BLT BVN CNP CHTR CBI DLTR EV EIX GVHR GTI WOLF HSP THX IFS IART IPG IRM JTX JRCC JOYG G LNY TVL LIZ MGLN MSO NT NVAX NVL NRG OCR ORA HAWK PRAI RNVS REV SLXP S SPW STN SUNH TTI VRX VSE VPHM OATS. During Trading Hours: NX THO. After the Close: AIRN FIX DBRN DRC DRCO GMST GGC GEF HEI HOFF HOV INTX LAUR LTD LDG MANT MMSI NABI NCS NKTR ASGN PETM SCI SMSI SONS STNR SWN TRAK TFSM TFX TS TRMA TYL UHS VIMC ZIPR.
 
Note all time are EST. ANY AND ALL TIMES AND DATES ARE SUBJECT TO CHANGE WITHOUT NOTICE. INFORMATION HAS BEEN TAKEN FROM SOURCES DEEMED TO BE RELIABLE, BUT NO ASSURANCES CAN BE MADE TO THE ACCURACY OF ANY OF THIS INFORMATION.
 
 

This is not a solicitation of any order to buy or sell, but a current market view provided by Cannon Trading Inc. Any statement of facts herein contained are derived from sources believed to be reliable, but are not guaranteed as to accuracy, nor they purport to be complete. No responsibility is assumed with respect to any such statement or with respect to any expression of opinion herein contained. Readers are urged to exercise their own judgment in trading!

Sincerely,

Ilan Levy-Mayer, M.B.A

Vice President
Cannon Trading Co Inc.
http://www.cannontrading.com
http://www.E-Futures.com
ilan@cannoncapital.com

Yahoo IM ilanlevy1970
310-859-9572
800-454-9572
Fax 310-859-0547
9301 Wilshire Blvd. Suite #614
Beverly Hills, Ca 90210

The finest compliment I can receive is a referral from a trusted client.
 
* Important Please Note: 
Trading commodity futures and options involves substantial risk of loss. 
The recommendations contained in this letter is of opinion only and does not guarantee any profits.
These are risky markets and only risk capital should be used.
Past performances are not necessarily indicative of future results. 
 

posted by Cannon Trading at 1:28 PM

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